09:15 AM EDT, 06/24/2024 (MT Newswires) -- Eos Energy Enterprises ( EOSE ) said Monday that an affiliate of Cerberus Capital has invested up to $315.5 million to enable Eos Energy ( EOSE ) to restructure existing debt and expand operations.

The investment is structured as a $210.5 million delayed draw term loan contingent on operational milestones through April 2025 and a $105 million revolver available at Cerberus' discretion, Eos Energy ( EOSE ) said.

Eos Energy ( EOSE ) said it will use part of the funds to retire its $100 million senior secured term loan for $27 million.

Cerberus will receive penny warrants and non-voting convertible preferred stock equivalent to 33%, with potential to reach up to 49% depending on the milestones achieved, Eos Energy ( EOSE ) said.

Eos Energy ( EOSE ) shares were up more than 7% in premarket activity.

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